The Consumer Confidence Survey is a monthly review that measures consumer confidence in the U.S. economy. It is based on a typical sample of 5,000 U.S. households. Last month, 9.1% of consumers said conditions were “good.” In the prior month, only 8.5% said they were “good.” Use the six-step hypothesis testing method at the 0.05 level of significance to see whether you can determine if there is an increase in the share asserting conditions are “good.”
Required:
State the null and alternate hypotheses.
Make the decision rule.
Note: Round your answer to 2 decimal places.
Evaluate the test statistic.
Note: Round your answer to 3 decimal places.
What is the decision regarding the null hypothesis?
Find the p-value.
Note: Round your answer to 4 decimal places.
